Wednesday, October 25, 2017

Investors Making $16 Million Available to Help Women Entrepreneurs in Puerto Rico

Two investors have announced a long-term partnership with microfinance organization Grameen America to support women entrepreneurs in Puerto Rico. Their funding of over $16 million will provide low-interest microloans ranging from $500 to $5,000 to low-income, minority women business owners in Puerto Rico over the next five years.Grow businesses/stimulate jobs

The funding was made available by Act 20/22 decree investors Toby Neugebauer and Charlie Hamilton. Acts 20 and 22 are laws designed to stimulate investment and job creation in Puerto Rico by providing economic incentives to investors who create businesses and move their permanent residences to Puerto Rico. Hamilton states that the effort will "help thousands of entrepreneurs start or grow businesses that will not only provide for their families, but contribute needed jobs to our economy.”

Includes support services for women entrepreneurs

In addition to the low-interest loans, the partnership will provide coaching and mentorship to women who want to launch or expand a business. Since 2013, microfinance company Grameen America has been active in Puerto Rico, awarding more than $8 million in small loans to 2,790 borrowers.

Grameen America refers to their loans as ‘handups’ instead of ‘handouts’ because of the long-term effect it has on not only women entrepreneurs but also the economy in Puerto Rico.